Securing business finance typically takes longer than regular loans. This is because lenders perform rigorous checks to ensure you can repay your loan before approving your application. That said, if your application processing is taking an abnormally long time, it is best to run anMSME business loan status check.
Tracking your loan application can tell you the stage of loan processing and if your application had any errors along the way. So, if you haven’t already, track your application today. Need tips to make tracking smoother? Here are five to help you out.
Five tips for an easy loan status check
Make tracking your loan status more convenient by reducing the need to perform a check in the first place and by knowing how to track your loan application. Here’s what you can do.
• Maintain a high credit score
Your credit score plays a major role in determining your business loan eligibility and impacts your loan approval chances, given it reflects your repayment capacity. Naturally, having a better credit score (above 750 points) ensures your loan approval is smoother. This means you lower the chances of having to track your application too. So, have a good score before filing your application.
Another benefit of having a high credit score? You can negotiate for better business loan interest rates too!
Additional Read: How to Get a Small Business Loan from the Government
• Ensure your documents are in place
Lenders check your documents and verify your eligibility before approving a loan. So, check your lender’s documentation requirements and submit them carefully with your loan application form.
• Duly fill out your application form
Did you know one of the top reasons for extended loan processing times is a poorly filled loan application form? This makes it all the more important to check your application before sending it. In fact, you can minimise errors by filling out an online loan application. Here, you can avoid common errors like missing information since you are prompted to fill in the necessary details at every step.
• Know the application tracking portals
Most reputed lenders provide multiple modes of tracking your business loan status, including a web portal, email, a customer care helpline and even an offline service to make tracking convenient for you. However, these services can vary between lenders. Needless to say, knowing your lender’s loan tracking portals beforehand can make checking your loan status much easier.
• Keep your loan details ready
The last thing you want when checking your loan status is not being able to access the tracking portal. Hence, you must have all the necessary details ready on hand. Usually, this includes your loan reference number, PAN card information, etc., depending on your lender requirements.
Additional Read: 5 Tips to Create a Balance Sheet for your Business
With the above tips in hand, you never have to wait endlessly to track your loan application. However, if you’re looking for a lender offering quick loan processing times in the first place, turn to Tata Capital. Along with affordable loan rates, we offer flexible EMI plans too.
Need help choosing a loan plan that matches your budget? Use our business loan EMI calculator to help you out.